2019 2020 Ending Inventory: LIFO 120000 150000 Net Income: LIFO basis 175000 190000 Effective Tax Rate 30% 40% LIFO Reserve 130000 280000 A in LIFO Reserve 50000 150000 question: 1 Compute 2020 Equity if FIFO had been employed - assuming LIFO equity is $500,000. 2 Compute 2020 inventory days on hand for both LIFO and FIFO if COGS is 3,000,000 (time permitting)

2019 2020 Ending Inventory: LIFO 120000 150000 Net Income: LIFO basis 175000 190000 Effective Tax Rate 30% 40% LIFO Reserve 130000 280000 A in LIFO Reserve 50000 150000 question: 1 Compute 2020 Equity if FIFO had been employed - assuming LIFO equity is $500,000. 2 Compute 2020 inventory days on hand for both LIFO and FIFO if COGS is 3,000,000 (time permitting)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Inventory Turnover Calculate the company's inventory turnover for 2020 and compare the result to the industry average.
24,600 с. Finished goods RM28,840 Required: O Prepare statement of cost production for the year ended 31 December 2020. O Prepare statement of comprehensive income for the year ended 31 December 2020. Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows: Particulars Debit RM 1,760 Credit RM Delivery van expenses Lighting and heating: Factory Office Manufacturing wages General expenses: Factory Office Sales representatives : Commission Purchase of raw materials Rent: Factory Office Machinery (Cost : RM40,000) Office equipment (RM9,000) Office salaries Accounts receivables Account payables Bank Sales Van (cost RM6,800) Inventory at 3+December 2020: Raw materials Finished goods Drawings Capital 7,220 1,490 72,100 8,100 1,940 11,688 57,210 6,100 2,700 28,600 8,200 17,740 34,200 9,400 16,142 194,800 6,200 13,260 41,300 24,200 155,950 360,150 360,150 ТОTAL
5 of 18 Petra Company uses the average-cost inventory method. Its 2020 ending inventory was $80,000, but it would have been $120,000 if FIFO had been used. Thus, if FIFO had been used, Petra's income before income taxes would have been O $40,000 greater. O $40,000 less. O the same. not determinable without the tax rate. Assessment Navigator Questionmark Perception licensed to Yarmouk University MERT P Type here to scarch Delete ※一 F11 Insert PriSc + C F5 F7 FB F9 F10 F12 F6 F4 F2 * 23 24 Backspace 2. 3. 48 7 V 8. 9. T YlY ! u P CO
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Current Attempt in Progress Sheridan Industries had the following inventory transactions occur during 2025, its first year of operations: Units Cost/unit Feb. 1, 2025 Purchase 93 $39 Mar. 14, 2025 Purchase 160 $40 May 1, 2025 Purchase 114 $42 The company sold 263 units at $54 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $1548, what is the company's net income using LIFO? O $1544.90 O $1334.20 O $1906.00 O $2207.00
The 2021 inventory data for Island Corporation is presented below. Assume that Island uses periodic inventory tracking. 2021 Beginning Inventory (purchased in 2020) 100 units @ $28 per unit Purchases: Purchase 1 on 1/20/21 300 units @ $30 per unit Purchase 2 on 6/15/21 1,100 units @ $34 per unit Sales: Sale 1 on 4/8/21 520 units @ $60 per unit Sale 2 on 9/25/21 860 units @ $60 per unit When Island examines the actual units in ending inventory, they see that 30 of the units are from 2021 beginning inventory, 40 units are from the 1/20/21 purchase, and 50 units are from the 6/15/21 purchase. What is Inventory on the 12/31/21 Balance Sheet if Island uses FIFO? $3,400 $4,080 $45,120 $45,800 What is Cost of Goods Sold on the 2021 Income Statement if Island uses LIFO? $3,400 $4,080 $45,120 $45,800 What is Inventory on the 12/31/21 Balance Sheet if Island…
Current Attempt in Progress Winnebago Industries, Inc. is a leading manufacturer of motor homes. Suppose Winnebago reported ending inventory at August 29, 2025, of $45,251,000 under the LIFO inventory method. In the notes to its financial statements, assume Winnebago reported a LIFO reserve of $29,448,000 at August 29, 2025. What would Winnebago Industries' ending inventory have been if it had used FIFO? Ending inventory assuming FIFO $
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What were Days Inventory for Procter and Gamble in 2018? Question 1 options: 25.9 days 100.3 days 34.1 days 74.3 days 50.5 days Question 2 Capital expenditures for Procter and Gamble in 2018 were. Round to nearest $billion and use the $ symbol. Do not show as a negative number. ____________ What was EBITDA for Procter and Gamble in 2018? Question 6 options: $16,666mm $9,861mm $66,832mm $23,454mm For Procter and Gamble, what was the Gross Margin Percentage for 2018? Round to nearest one decimal point and use the % symbol. _______? For Procter and Gamble, what were days Receivable for 2018? Round to the nearest day and answer in the form of 54 days _______? Return on Sales for Procter and Gamble for 2018 was: (round to nearest whole number and use % symbol.) Hint....Net income is the bottom line of the income statement. ? Total sales (a.k.a. Net Sales) for Procter and Gamble in 2018 were:____.…
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Answer the following 2 questions: 1- Hani has an inventory at 1/1/2020 of €60,000 and purchases during 2020 of €280,000, both at cost. Sales at selling price amount to €200,000. Compute the estimated inventory at 31/12/2020, assuming that the gross profit is 25% of sales. v a-290000 b-190000 c-230000 d-150000 2- Which of the following is a product cost as it relates to inventory? v a. Selling costs. b. Interest costs. C. Raw materials. d. Abnormal spoilage.
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